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Insurance Labor Study Highlights Stabilizing Labor Market

February 19, 2018

CHICAGO – According to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, a part of Aon plc (NYSE: AON), 58 percent of companies polled intend to increase staff in 2018. In addition, the Bureau of Labor Statistics has reported that the unemployment rate for the insurance industry is at 2.2 percent. This remains significantly lower than the national average—reported at 4.1 percent.

“We are seeing staffing and hiring expectations level out as the industry continues to stabilize,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Anticipated increases in business volume and expansion into new markets continue to drive hiring demands.”

The study found that job vacancies are still moderately difficult to fill. However, recruiting is slightly less difficult in most disciplines than it was one year ago.

Some additional key findings include the following:

  • Seventy-nine percent of companies expect an increase in revenue growth, down two points from the July 2017 survey. Fourteen percent of companies expect flat revenue growth, up one point from July 2017.
  • Technology, actuarial and analytic positions are the most difficult to fill.
  • If the industry follows through on its plans, we will see a 1.19 percent increase in industry employment during the next 12 months, creating new jobs.
  • Companies are requiring more temporary staff. Twelve percent of companies are planning to increase their use, up from 11 percent in January 2017.

For more highlights, download the full insurance labor outlook study results summary. For commentary, view the recorded webcast.

The insurance labor outlook study has been conducted semi-annually since July 2009. Collecting revenue and hiring projections from organizations across all sectors of the industry, the survey provides a valuable look at the labor market outlook and hiring trends.

The study’s next iteration will occur in July 2018. For details on how to participate or to request more information about the survey, please contact Vince Albers of Ward Group at +1 (513) 746-2422 or vincent.albers@wardinc.com.

About The Jacobson Group:

The Jacobson Group is the leading provider of talent to the insurance industry. For nearly 50 years, Jacobson has been connecting organizations with insurance professionals at all levels across all industry verticals. We provide an array of services including executive search, professional recruiting, temporary staffing and subject matter experts. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com

About Ward Group®:

Ward Group is the recognized leader of benchmarking and best practices studies for insurance companies. The firm analyzes staff levels, compensation, business practices and expenses for all areas of company operations and helps insurers measure results, optimize performance and improve profitability. For more information about Ward Group, visit www.wardinc.com.

Contact:

The Jacobson Group
Nicole M. St.Martin, Vice President and Marketing Communications Director
+1 (312) 884-0491
nstmartin@jacobsononline.com

Ward Group
Vince Albers, Manager
+1 (513) 746-2422
vincent.albers@wardinc.com

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